The Cryptocurrency Industry is Booming with a $2 Trillion Market Cap
The cryptocurrency industry has seen a significant surge in value, with the total market capitalization surpassing $2 trillion for the first time in a while. Analysts and experts predict even better times ahead, pointing to the upcoming Bitcoin halving in April as a precursor to major bull runs. In this article, we will explore the top 5 cryptocurrencies that are closest to breaking their all-time high values.
Bitcoin (BTC)
Bitcoin has had an incredible year, especially in the last quarter of 2023. The price of BTC is currently trading above $52K, increasing by 17% in just one week. In the past 30 days, BTC has gained over 22%, with yearly gains reaching an impressive 136%. This can be attributed to the approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission and the upcoming Bitcoin halving in April.
Bittensor (TAO)
Tao is another cryptocurrency that is close to its all-time high, trading at less than 2% below it. Bittensor focuses on improving machine-learning platforms through decentralization and creating a P2P market for ML applications. Currently trading at $622, TAO is only 1.23% away from its all-time high.
Stacks (STX)
Stacks, a veteran layer two for Bitcoin, has its native cryptocurrency called STX. It currently trades at $2.71, approximately 25% below its all-time high of $3.39. Stacks has performed well due to increased activity on Bitcoin’s network and the Taproot upgrade.
Optimism (OP)
Optimism is an Ethereum layer two scaling solution with its native token, OP. Trading at $3.91, it is just over 8% away from its all-time high of $4.23. The surge in the broader Ethereum ecosystem can be attributed to increased re-staking activity and anticipation of approval for a spot ETH exchange-traded fund.
Kaspa (KAS)
Kaspa is a network that combines proof-of-work and blockDAG architecture to accelerate block processing speed. Its native token, KAS, currently trades at $0.14, only 8.8% below its all-time high of slightly over $0.15 achieved in November 2023.
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